According to the company’s documents with RoC, it has received funding as an extension of its previous round. Earlier, In December 2015, Faasos had raised Rs 200 Crore in a round led by Ru-Net, which valued the startup at over Rs 870 Crore.

FAASOS raised Series A funding from Sequoia Capital in FY12, and earlier this year raised $20 million Series B funding from Lightbox Ventures and Innoven Capital.

The Pune-Based startup was founded in 2011 by Kallol Banerjee and Jaydeep Barman. Faasos is a ‘food on demand’ company primarily disrupting how people order and get food delivered on mobile. Faasos also competes with on-demand food portals such as FreshMenu and Box8.

Jaydeep Barman, co-founder and chief executive at Faasos, said: “FY16 was a breakthrough year in terms of expansion, but the cost of growth precluded the revenue benefits accrued. However, that it has borne fruit in FY17, with the same cost base delivering over 60% growth in revenue.”

According to a data provided by VCCircle, for the financial year ended 31 March 2016, losses at the firm stood at Rs 111.1 Crore compared with Rs 24.4 Crore in the previous year. Net sales rose almost 65% to Rs 62 Crore from Rs 37.5 Crore last year. Total expenditure rose to Rs 168.7 Crore from Rs 58.1 Crore in the previous financial year.

Recently Google launched Hyperlocal Service named Aero which provides food delivery services and other household services which will give a heavy impact of local food tech startups like Swiggy, Zomato, Tinmen etc. Read more about Indian Startup Ecosystem.

Startups generally celebrate every small reason, But if the reason is about a milestone achievement then it makes a big difference. This victorious path is not an easier one and we have faced and surpassed many challenges in the last few months to meet our target of half a million visitors. While our ambition is a much bigger number, the target we achieved was planned towards the end of the financial year and our team made it possible 4 months in advance.

Indeed a great effort by Shishir Kumar and the entire team and a special thanks to the avid readers of IndianCEO for following us. IndianCEO is indeed my first bet in to media business and believe me this is just the beginning. Early next year we have some great product announcements and our next milestone is not far away.